SL Green Realty Corp., a New York-based real estate investment trust, is acquiring two New York City office buildings in Midtown Manhattan for $480 million from TIAA-CREF.One building, 750 Third Avenue, is being acquired for $255 million, the REIT said, and being funded through SL Green's unsecured line of credit. The REIT said it expects to pay down most of the LOC drawings with proceeds from future property sales. The other property, 485 Lexington, is being acquired for $225 million in a joint venture with The City Investment Fund, with the REIT owning approximately 37.5% of the equity interest. The joint venture has arranged for a loan facility to fund 75% of the acquisition and "anticipated retenanting costs" of the property, according to SL Green. "We believe this is the right time in New York City's economic cycle to acquire 485 Lexington and 750 Third Avenue, which will represent the largest blocks of contiguous vacant space in a prime Midtown location," said Marc Holliday, president and chief executive officer of SL Green.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24